Financial advisor revealed modifications in loan terms starting from September.
Starting September 1, 2025, a cooling-off period will be implemented for loan applications in Russia as part of the Bank of Russia's efforts to enhance consumer protection. This measure aims to allow borrowers to cancel the loan or any additional imposed services within a few days after signing the agreement.
The duration of the cooling-off period depends on the loan amount. For loans between 50,000 and 200,000 rubles, the cooling-off period is 4 hours. For loans exceeding 200,000 rubles, the cooling-off period is 48 hours. No cooling-off period will be applied for loans under 50,000 rubles.
This policy is particularly significant for online lending and car loans. For car loans, the cooling-off period will enable borrowers to reconsider their commitments shortly after signing, helping them cancel loans or unwanted additional services. This aligns with broader regulatory steps from the Bank of Russia aimed at stabilizing the lending market and reducing the credit burden on consumers.
The introduction of this cooling-off right reflects a broader trend towards consumer protection in loan agreements. Since the law on self-restriction on loans came into effect, the majority of Russians have chosen to impose full restrictions on themselves. As of the current report, 12.49 million Russians have the status of self-restriction on loans.
Unfortunately, not all loan applications are as straightforward. Last week, an incident occurred in Omsk involving a resident who asked his elderly mother to take out a loan. The incident is a case of loan scamming, resulting in the loss of 1.5 million rubles to the scammers. This incident highlights the potential risks associated with loan scams and underscores the importance of the new cooling-off period in protecting consumers.
In conclusion, the new cooling-off period for loans in Russia is a significant step towards enhancing consumer protection and combating scammers. As we approach September 1, 2025, it is crucial for borrowers to be aware of this new policy and exercise caution when applying for loans, particularly online.
[1] Source: Prime agency, Elmhan Mehtiyev, general director of the Association for the Development of Financial Literacy.
This new cooling-off period will be especially beneficial for personal-finance decisions related to online lending and car loans, as it gives borrowers a chance to reconsider their commitments within the specified hours. With this policy, the Bank of Russia aims to reduce the credit burden on consumers and align with broader regulatory steps for stabilizing the lending market, as mentioned by Elmhan Mehtiyev from the Association for the Development of Financial Literacy.
